台达电子：领先一步

Investment Rating - The report maintains a positive investment rating for Delta Electronics, indicating a "One step ahead" position in the market [2]. Core Insights - Delta Electronics is positioned advantageously in the accelerating AI server specification upgrade wave, leveraging its integrated solution capabilities to strengthen its technological edge and enhance the value of individual servers [2][5]. - Despite the overall performance lacking surprises, which may lead to some profit-taking pressure, multiple upward catalysts are identified, and earnings forecasts are above market consensus [2][5]. Financial Performance - In Q4 2025, Delta Electronics reported an earnings per share of 6.7 New Taiwan Dollars, which is 11% lower than market consensus, primarily due to non-operating asset revaluation losses. Operating profit was in line with expectations, with gross and operating margins at 35% and 16%, respectively, both slightly below expectations [3]. - For Q1 2026, the company guided a sequential revenue decline due to fewer working days, which is below expectations primarily due to fluctuations in cloud data center equipment shipments [3]. Demand Outlook - Strong visibility for demand post-2027 is noted, with Delta seeing robust AI demand in power and thermal management solutions. Most of the planned new capacity for 2026/27 has already been booked, and the company is reassessing its expansion plans for 2028 and beyond [4]. - The management reiterated its technological advantages, rapid time-to-market, and solid execution capabilities that support its industry-leading position [4]. Industry Position - Delta is a core beneficiary of the accelerated AI server specification upgrades, with its technological leadership continuing to expand and enhancing the value of individual servers through integrated solutions [5]. - The report identifies several catalysts for growth, including increased market share in AI business, new liquid cooling projects, and a cyclical recovery in non-AI businesses [6].